State-owned Indian Overseas Bank‘s (IOB) market capitalization crossed the Rs 1 lakh crore mark for the first time following a 100% rally in the stock over the last six months. In Friday’s trade, the stock rose over 6.5% to hit a 52-week high at Rs 55.5, backed by heavy volumes on the NSE. A total … Read more
Shares of the state-owned Indian Renewable Energy Development Agency (IREDA) climbed 5% to Rs 125.5 in Wednesday’s trade on BSE after the firm announced a partnership with Indian Overseas Bank (IOB) to co-finance renewable energy projects in India. “Indian Renewable Energy Development Agency and Indian Overseas Bank have joined hands by signing a memorandum of … Read more
Bank Nifty has not been displaying significant momentum, primarily due to the lackluster performance of the heavyweight HDFC Bank. Rupak De, Senior Technical analyst at LKP Securities, says it may not be advisable to consider shorting until Bank Nifty drops below 44,500. “A decisive decline below this level could potentially drive the index towards 43,800/43,500. … Read more
NEW DELHI: Nifty lost nearly half a per cent to close in the red zone for the third consecutive week as FIIs chose to take some profits off the table. PSU banks, pharma and IT stocks gained while realty and banking stocks struggled. We have collated a list of three stocks that either hit a … Read more
After declining over 10% in the last trading session amid fear related to the Fed rate hike and rising covid cases in China, PSU bank stocks rebounded, gaining up to 13% in Monday’s intraday trade. Shares of () were the top gainers in today’s trade as the stock surged 13% to Rs 29.75 apiece. Meanwhile, … Read more
Indian market closed in the red for the fourth day in a row on Friday tracking muted global cues. The S&P BSE Sensex fell nearly 1000 points while the Nifty50 managed to hold on to 17800 levels. Sectorally, selling was seen in utilities, power, oil & gas, and telecom stocks. Stocks that were in focus … Read more
Leaving their larger private sector peers behind, the stocks of PSU banks have rallied up to 26 per cent in the last 3 months alone. While Bank Nifty has rallied 12.8 per cent during the period, Nifty PSU Bank index has advanced over 17 per cent. Top gainers in the pack include (up 26.5 per … Read more
The Centre may sell its stake in Central Bank of India and Indian Overseas Bank () as part of its mega privatisation initiative unveiled in the Union Budget in February. While the two banks have been recommended for disinvestment by government think tank NITI Aayog, (BoI) may be a potential candidate for sale, sources familiar … Read more
IOB stock closed at Rs 11.43 on BSE, up 3.63 per cent from previous close. Indian Overseas Bank on Thursday posted a net profit of Rs 121 crore for June quarter 2020 mainly due to fall in bad loans. The state-owned lender posted a net loss of Rs 342.08 crore for the same quarter a … Read more